Mr Lee said he believed that this time, Mr Kim and his country would be “very sincere” in implementing their agreement.

“Our whole relationship with North Korea and the Korean Peninsula will be very different to what it has been in the past. We both want to do something,” Mr Trump said during the signing ceremony at the summit.

However, Mr Lee said it was still undecided whether the military exercises would be suspended or cancelled.

“Our two military authorities are in consultation about the upcoming joint military exercise, so probably there could be some scale down of the military exercise or there could be some suspension of the deployment of strategic asset or there might be some adjustment of the timing,” he said.

“But as far as I know it is not actually whole cancellations, the consultation is [still] going on.”

But Mr Lee believed it was still “too early to tell” who the winners and losers were from the summit, adding that the process had just started.

Mr Kim previously praised Mr Trump for taking the initiative with North Korea where previous presidents had not.

“This is very bold diplomacy. I think that kind of diplomacy is possible because of very bold and creative leadership of President Trump,” he told the Australian Financial Review earlier this year.

“This issue is so complicated. It has been 25 years since the North Korean nuclear issue popped up and there has been many, many diplomatic efforts and consultations and the Six Party talks, and it didn’t go anywhere.”

Mr Lee will be speaking more about the future of the Korean Peninsula among other issues at a one-day Symposium held by the Australian National University today.